Australia: Summer crops soften on northern rain

Cottonseed and sorghum markets have softened in the past week on widespread rain in southern Queensland and northern New South Wales while in the south, growers are harvesting flat strap to beat the forecast rain. Victoria’s barley harvest is well advanced, and wheat is now coming off in volume, with yields generally above average and expectations, and values easing on supply-side pressure. Wheat protein continues to surprise on the low side, and the softer market has stimulated wheat and barley demand from domestic consumers and export accumulators. Table 1: Indicative prices in Australian dollars per tonne. Most of southern Qld and northern NSW has had 15-50mm of rain in the past week, and some locations have received more than 100mm. The timing, just after the winter-crop harvest, is a little late for the ideal sorghum planting window, but the rain is nonetheless expected to spark a run on sowing of the red grain for those who have had 50mm or more. Some growers will elect to ...